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5 <br /> <br /> Mr. Caravati asked if a request from Council to VDOT would be helpful . <br /> <br /> Ms. Mueller said VDOT is already looking at the issue. She said if VDOT says it <br />is possible to create a new project for the pond Council will have to approve a resolution <br />to that effect. <br /> <br />Mr. Caravati asked about the status of mall improvements, and M r. Tolbert said <br />th <br />schematic plans and estimates are being done for the mall from 6 Street to the Omni and <br />side streets, but no construction detail is being done at this time. He said construction <br />nd nd <br />documents are being done for the 2 Street mall crossing a nd for 2 Street, S.E. to <br />rd <br />Monticello Avenue. Initial discussions are being held on 3 Street to Market Street <br />improvements. <br /> <br /> Responding to a question from Mr. Caravati, Mr. O'Connell said funds have been <br />set aside from the increase in the meals tax for the downtown mall and West Main Street. <br /> <br /> Mr. Cox noted that many projects are opportunity driven. <br /> <br /> Mr. Lynch asked that traffic calming for the Meadows neighborhood be given <br />priority because of the impact of traffic from Best Buy. <br /> <br />APPROPRIATION <br />: $3,95 0,000 - LOAN FROM UTILITY FUND FOR <br />INTEGRATED SYSTEMS PROJECT <br /> <br /> Ms. Linda Peacock, Assistant City Manager, said that Council had wanted more <br />information regarding charging interest for the loan. She said that the Director of <br />Finance feels that interest sh ould be charged, at least at a rate equivalent to what would <br />be earned if the money was invested (1.49%). She said the total amount of the loan has <br />been reduced to $3,950,000 and is being treated as a construction loan, with $2,950,000 <br />coming from the uti lity fund and $1 million from the capital contingency fund. She said <br />repayment will begin in 2007 and will end in 2014. <br /> <br /> Responding to a question from Mr. Cox, Ms. Rita Scott, Director of Finance, <br />explained that the utility funds being loaned have been b uilding up for debt service. She <br />noted that a previous loan made to the Water Street garage included interest. <br /> <br /> Mr. Cox asked if the 1.49% interest will cover administrative costs, and Ms. Scott <br />said that there will be no additional administrative costs as existing staff will administer <br />the loan. <br /> <br /> Responding to a question from Mr. Lynch, Ms. Peacock said that some money <br />will remain in the technology fund. <br /> <br /> Ms. Richards asked if we are allowing ourselves ample funds to do the program, <br />and Ms. Peacock sai d yes. <br /> <br /> Mr. Caravati asked what modules are not available, and Ms. Peacock said <br />cashiering, personal property, real estate assessment, and permitting, but we will integrate <br />the modules as they become available. <br /> <br /> Mr. O'Connell said that the appropriation needs to be amended to reflect the <br />reduced amount, the interest rate, and an annual reporting requirement. <br /> <br /> On motion by Mr. Lynch, seconded by Ms. Richards, the appropriation was <br />amended as listed by Mr. O'Connell by the following vote. Ayes: Mr. Carav ati, Mr. <br />Cox, Mr. Lynch, Ms. Richards, Mr. Schilling. Noes: None. <br /> <br /> The appropriation of $3,950,000 for a loan from the Utility Fund to the Integrated <br />System Project, which was offered on February 2, as amended, was approved by the <br />following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards, Mr. Schilling. <br />Noes: None. <br />